AGENDA MEMO

City Council

Meeting Date: March 15, 2010

 

Issue Statement

 

Approval of AN ORDINANCE ABATING PROPERTY TAX LEVIED BY ORDINANCE NO. 0-26-06- Water Bond  

 

ORDINANCE

 

Background/History

 

The proposed FYE 10 budget included abating property taxes in the sum of $304,028 levied during the year 2009, collectable in 2010. This abatement pertains to the issuance of bonds to finance the construction of a water tower and related public improvements. The bond principal and interest will be paid from the water revenues.

  

Staff/Committee Recommendation

 

Administrative/Finance Committee and staff recommend approval of the Ordinance

 

Alternate Consideration

 

Abate different amounts.

 

Decision Mode

 

This ordinance will be on the March 15th, 2010, City Council agenda for formal consideration.